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In September 2021, banks issued 1.17 million consumer loans for 362.6 billion rubles. This is almost 7% less than it was in August, according to the credit bureau Equifax. “The main reasons are two: the increase in the key rate, which led to an increase in nominal consumer lending rates, and the tightening of regulatory rhetoric in the market aimed at limiting issuing unsecured loans, “- said the head of the bureau Oleg Lagutkin (quoted by TASS). Earlier, the head of the Central Bank Elvira Nabiullina said that the regulator wants to impose a direct restriction on the issuance of consumer loans for banks. According to her, the Bank of Russia cannot “turn a blind eye to how quickly demand is growing now.” This accelerates inflation, and also worries the regulator in terms of social and financial stability. It is assumed that the limit will be revised every three months. About new levers of pressure on banks – in the material “Kommersant FM” “Consumer credits are brought to the limits.” …
The government criticized the bill, which gives the Bank of Russia the right, at its discretion, to restrict the issuance of loans by certain banks. Such decisions should be applied only after consultation with the Cabinet of Ministers, they considered there. Experts note that if the comments are adopted, the law will not work. …
The volume of loans issued to Russians from July to September increased by 19.6% compared to the same period last year, Oleg Lagutkin, director general of the Equifax credit history bureau, told Izvestia. According to him, most of all issued unsecured loans (+ 36%).
Large banks from the top 30 confirmed to the publication the growth in demand for loans. Mr. Lagutkin believes that by the end of 2021, the issuance of loans to Russians will reach at least 20%.
The Central Bank is concerned about the growth in the number of unsecured loans. The regulator considers the current measures to restrict lending insufficient. Earlier, Kommersant wrote that the Central Bank considers it possible to transfer data on commercial installments to the credit bureaus. RBC said that the idea of a new methodology for calculating the debt burden indicator, based on the account of receipts to customer accounts and their expenses, is being discussed.
About the ideas of the Central Bank to regulate the credit market – in the material “Kommersant” “From the Central Bank blew cold.”
The international payment system MasterCard was indefinitely banned from issuing new debit cards in India, according to the website of the country’s central bank. The regulator found that the company violated the law by ignoring the requirement to store data on transactions exclusively within the state.
“Despite the fact that a lot of time has passed and the company was provided with sufficient opportunities, we concluded that MasterCard does not comply with the requirements under the law on the storage of payment systems data,” the message says.
These restrictions will not affect existing customers of the payment system.
In 2021, India banned new American Express and Diners Club cards for the same reasons.